Coinbase Users Sees Repeated Charges on Their Bank Statement

Coinbase Users Sees Repeated Charges on Their Bank Statement

Coinbase Users Sees Repeated Charges on Their Bank Statement Users of cryptocurrency startup Coinbase have seen repeated charges appear on their bank statements tied to their Visa credit and debit card use in recent days, prompting several rounds of statements from the companies involved after the situation went viral last week. Also Read: Coinbase Customers

Coinbase Users Sees Repeated Charges on Their Bank Statement
Users of cryptocurrency startup Coinbase have seen repeated charges appear on their bank statements tied to their Visa credit and debit card use in recent days, prompting several rounds of statements from the companies involved after the situation went viral last week.

Coinbase Inc. is one of the most popular online exchanges for digital currencies. But last year, it started seeing complaints soar on the U.S. Consumer Financial Protection Bureau’s website. Unfortunately for the San Francisco business and its customers, things have only gotten worse.

It seems like Visa still has some partners who allow cryptocurrency transactions using credit and debit cards. On Friday, February 16, Visa and Worldpay issued a joint statement that, “Over the last two days, some customers who used a credit or debit card at Coinbase may have seen duplicate transactions posted to their cardholder accounts.” The statement also added, “This issue was not caused by Coinbase.”

A Visa spokesperson told CoinDesk that the multiple-charge issue appears to have stemmed from an incorrect Merchant Category Code (MCC). Payment operators like Visa use MCC codes to help process payments from merchants.

The codes tell operators what sort of transaction is being conducted, which then help the company analyze the risk associated with the transaction.
According to CNBC, during the past few days, customers of Coinbase were complaining on Reddit and other social media forums about duplicate transactions that in some instances resulted in them getting hit with overdraft fees because their balances went down to zero. The U.S. Commodity Futures Trading Commission told CNBC late last week that it was looking into the issue and that it knew of the complaints on the part of customers.

Coinbase is making moves to prepare for the future. The company hired a former Twitter executive to lead customer service and now says it’ll increase the size of the support team to 500 in the first half of the year from 200. Romero told Bloomberg last year that Coinbase “is going to be successful not because the price goes from $10,000 to $100,000” but because it has “millions of customers who trust us.” If more issues keep popping up, that will change.